AgdaPkt 2011-06-27 - Laserfiche WebLink

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6.1.13. - Page 10 'IYE AGREEMENT BETWEEN CITY OF REDWOOD CITY AND REDWOOD CITY POLICE OFFICERS' ASSOCIATION (RCPOA) CalPERS for Local Safety Members, Three Percent (3 %) at Age Fifty -Five (55) Formula. 14.2 Optional Provisions Added Optional Public Agency Provisions under the Public Employees' Retirement System shall also be provided as follows: 1. The fourth level of Survivor Benefits as authorized by Section 21574 of the Government Code. 2. Effective March 16, 1989, retirement benefits for employees hired before the date of the City's amendment of its contract with CalPERS will be calculated based on one (1) year highest compensation as authorized by Section 20042 of the Government Code. 3. Retirement benefits for employees hired on or after the date of the City's amendment of its contract with CalPERS will be calculated based on the average of three years of compensation as authorized by Section 20037 of the Government Code. 4. Pre - Retirement Optional Settlement 2 Death Benefits as authorized by Section 21548. 14.3 City's Contribution to Retirement System The City shall pay the rate prescribed by the Public Employees' Retirement system for employer contributions to the Public Employees' Retirement System in accordance with the rules and regulations governing such employer contributions. In accordance with Section 20516(f) of the Government Code: Effective the first full pay period beginning on or after September 1, 2011, each unit member shall pay two percent (2 %) toward the employer cost of retirement. Effective the first full pay period beginning on or after September 1, 2012, each unit member shall pay an additional two percent (2 %) for a total of four percent (4 %) toward the employer cost of retirement. Effective the first full pay period beginning on or after September 1, 2013, each unit member shall pay an additional three percent (3 %) for a total of seven percent (7 %) toward the employer cost of retirement. June 9 2011 7